Light-emitting diode (LED) is a semiconductor device that releases light when electric current is passed through it. Light is produced when particles carrying the current (known as electrons and holes) combine with one another within the semiconductor material. Diodes, usually made of very thin layers of the semiconductor material, contain a single layer of electrons in excess, while the next diode has deficit of electrons. LEDs are made of compound semiconductor materials, which are made of elements from group III and group V of the periodic table, particularly known as III-V materials. Examples of III-V materials commonly used to manufacture LEDs are gallium arsenide (GaAs) and gallium phosphide (GaP). Major semiconductor materials used to manufacture LEDs are indium gallium nitride (InGaN), aluminum gallium indium phosphide (AlGaInP), aluminum gallium arsenide (AlGaAs), and gallium phosphide (GaP). Gallium arsenide is the most widely used material in all major classes of LED such as miniature LED, high-power LED, and application-specific LED.
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In terms of various precursors used during the metal organic chemical vapor deposition (MOCVD), the LED materials market can be segregated into trimethyl gallium (TMGa), trimethyl aluminum (TMA), trimethyl indium (TMIn), triethyl gallium (TEGa), and C2Mg2. Among these, the TMGa segment accounted for the largest share of the market in 2017.
The global Light-emitting Diode (LED) Materials market is largely driven by increasing demand for LEDs in energy-efficient and high-resolution displays of smartphones and high-definition television sets. In addition, rising application of LEDs in automotive lighting and display and home and industrial lighting is boosting the market for LED materials. Furthermore, encouraging government policies such as various labeling and certification programs are offering new growth opportunities to the Light-emitting Diode (LED) Materials market. Properties of LEDs such as relatively less power consumption compared to normal lights are augmenting the adoption of LED lights.
In terms of geography, the global Light-emitting Diode (LED) Materials market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounts for the largest share of the global Light-emitting Diode (LED) Materials market. It is followed by North America and Europe. The reason for this dominance of Asia Pacific is companies manufacturing LEDs on a large scale in China, South Korea, and Taiwan.
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Moreover, with growing focus on information technology and strengthening power generation and distribution infrastructure of developing economies, the Light-emitting Diode (LED) Materials market is expanding. Increasing application of the LED technology in various display applications is projected to provide attractive growth opportunities to the Light-emitting Diode (LED) Materials market in North America and Europe. Countries such as the U.S., the U.K., Canada, Taiwan, Australia, Japan, and Brazil have taken various initiatives to substitute traditional, less durable, and high-power-consuming bulbs by energy-efficient LED bulbs so as to save power and support environmental sustainability by reducing greenhouse gas emissions.